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NEW YORK - Marathon Digital Holdings (NASDAQ:MARA) reported fourth quarter earnings that significantly exceeded analyst expectations, sending shares up 6.2% in after-hours trading Wednesday. The cryptocurrency mining company posted record revenue and swung to a profit as it rapidly expanded operations.
Marathon Digital reported adjusted earnings per share of $1.24 for the fourth quarter, handily beating the analyst consensus estimate of -$0.16. Revenue surged to $214.4 million, up from $28.4 million in the same quarter last year and well above analyst projections of $180.74 million.
The company grew its energized hashrate, a measure of computing power, by 115% YoY to 53.2 EH/s. Marathon also improved its fleet energy efficiency by 23% to 19.2 J/TH. The miner expanded its owned data center portfolio from approximately 0% to 70% since the start of the year.
Marathon increased its bitcoin holdings by 197% over 2023, ending the year with 44,893 BTC. The company adopted a hybrid strategy of mining and market purchases of bitcoin, leveraging approximately $2.2 billion in convertible notes.
Looking ahead, Marathon secured 300% more energy capacity, expanding its total energy portfolio to about 1.7 GW. The company also purchased a Texas wind farm to establish a near-zero cost energy data center, with the acquisition closing in Q1 2025.
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